Oaktree Capital Management

04/09/2026

In his latest memo, Howard Marks discusses the evolution of the sub-investment grade credit market from its beginnings in the 1970s to its present state. He focuses on the rise of direct lending following the Global Financial Crisis, identifying the reasons for its fast growth but also the issues created by rapid capital deployment. Looking ahead, he describes the entwined fates of direct lending and private equity, with the performance of private equity portfolio companies being a key determiner of the future success of direct loans: https://www.oaktreecapital.com/insights/memo/whats-going-on-in-private-credit

Click here to read and subscribe to memos from Howard Marks: https://www.oaktreecapital.com/insights

03/24/2026

In this special episode of The Insight: Conversations, Howard Marks shares his reflections on themes from Oaktree’s recent client conference, including the evolution of the credit markets, the nature of mispricings, and the importance of leadership: https://www.oaktreecapital.com/insights/insight-podcast/market-commentary/reflections-on-oaktree-conference-2026-with-howard-marks

Subscribe to The Insight by Oaktree Capital wherever you get your podcasts: https://www.art19.com/shows/the-insight

02/26/2026

In his latest memo – occasioned by massive changes he cites in just the 11 weeks since the last one – Howard Marks revisits the subject of AI, providing his observations on its essence and how it differs from previous technological innovations. He highlights AI’s immense power, speed, and autonomy; its limitations; and its potential implications for investing. He expresses conviction that AI is far from a fad, but also that investors must view its transformational potential against an assessment of the appropriateness of the prices of AI assets: https://www.oaktreecapital.com/insights/memo/ai-hurtles-ahead

Click here to read and subscribe to memos from Howard Marks: https://www.oaktreecapital.com/insights

In his latest memo, Howard Marks revisits the subject of AI, providing his observations on its essence and how it differs from previous technological innovations.

12/12/2025

Listen to the latest memo from Howard Marks: https://www.oaktreecapital.com/insights/memo-podcast/is-it-a-bubble

Howard addresses the much-asked question, “Is there a bubble in AI?” He identifies the uncertainty associated with AI investments and the conspicuous parallels to previous bubbles, while also acknowledging why those comparisons could be inappropriate. Given AI’s vast potential but numerous unknowns, no one can say for certain whether investors’ current enthusiasm is merited or irrational. Thus, Howard emphasizes the importance of prudence and selectivity in navigating this transformative yet unpredictable technological revolution.

Click here to listen and subscribe to memos from Howard Marks: https://www.art19.com/shows/the-memo-by-howard-marks

12/09/2025

In his latest memo, Howard Marks addresses the much-asked question, “Is there a bubble in AI?” He identifies the uncertainty associated with AI investments and the conspicuous parallels to previous bubbles, while also acknowledging why those comparisons could be inappropriate. Given AI’s vast potential but numerous unknowns, no one can say for certain whether investors’ current enthusiasm is merited or irrational. Thus, Howard emphasizes the importance of prudence and selectivity in navigating this transformative yet unpredictable technological revolution: https://www.oaktreecapital.com/insights/memo/is-it-a-bubble

Click here to read and subscribe to memos from Howard Marks: https://www.oaktreecapital.com/insights

In his latest memo, Howard Marks explores if there is a bubble in AI, identifying uncertainty, parallels to past bubbles, AI's vast potential, and emphasizing the importance of prudence.

11/06/2025

In his latest memo, Howard Marks examines the recent string of well-publicized credit problems. He considers how they serve as a reminder that the yield premium offered by sub-investment grade credit isn’t a freebie, but rather compensation for bearing credit risk. While good times lead to complacency and elevated risk tolerance, bad times expose the results of that carelessness. Howard emphasizes that it’s essential to always balance the desire to put money to work with the need for prudence: https://www.oaktreecapital.com/insights/memo/cockroaches-in-the-coal-mine

Click here to read and subscribe to memos from Howard Marks: https://www.oaktreecapital.com/insights

Howard Marks examines the recent string of well-publicized credit problems, considering how they serve as a reminder that the yield premium offered by sub-investment grade credit isn’t a freebie but rather compensation for bearing credit risk.

10/28/2025

In his latest memo, Howard Marks offers observations based on his meeting with the board, consultant, and senior staff of a state pension fund. Howard explores the key topics covered during the session, including determining an appropriate risk posture, selecting an investment approach, and assessing performance. While these decisions are challenging, the board and its consultant applied the only reasonable method: asking the right questions and pursuing rational conclusions: https://www.oaktreecapital.com/insights/memo/a-look-under-the-hood

Click here to read and subscribe to memos from Howard Marks: https://www.oaktreecapital.com/insights

Howard Marks offers observations based on his meeting with a state pension fund, exploring key topics such as determining an appropriate risk posture, selecting an investment approach, and assessing performance.

08/18/2025

Listen to Howard Marks’s latest memo, The Calculus of Value: https://bit.ly/45OBVnP

Howard sets forth the essence of value and price, as well as the critical relationship between the two. He posits that value exerts a “magnetic” influence on price, meaning the relationship of price to value should be expected to strongly influence investment performance in the long run, with high valuations presaging low subsequent returns, and vice versa. In the context of today’s elevated U.S. equity valuations and widespread investor optimism, he advises us to consider going to an “Investment Readiness Condition” in which investors shift their portfolios somewhat in the direction of increased defense

08/14/2025

In his latest memo, Howard Marks sets forth the essence of value and price, as well as the critical relationship between the two. He posits that value exerts a “magnetic” influence on price, meaning the relationship of price to value should be expected to strongly influence investment performance in the long run, with high valuations presaging low subsequent returns, and vice versa. In the context of today’s elevated U.S. equity valuations and widespread investor optimism, he advises us to consider going to an “Investment Readiness Condition” in which investors shift their portfolios somewhat in the direction of increased defense.

Read: http://bit.ly/45OBVnP

In his latest memo, Howard Marks sets forth the essence of value and price, as well as the critical relationship between the two.  

06/20/2025

In his latest memo, Howard Marks discusses the potential implications of governmental intervention in economies. He highlights examples such as rent control, fire insurance, and tariffs, emphasizing that while free markets don’t produce perfect solutions, efforts to control them often make things much worse: https://www.oaktreecapital.com/insights/memo-podcast/more-on-repealing-the-laws-of-economics

Click here to listen and subscribe to memos from Howard Marks: https://www.art19.com/shows/the-memo-by-howard-marks

06/18/2025

In his latest memo, Howard Marks discusses the implications of governmental intervention in economies. Considering examples such as rent control, fire insurance, and tariffs, he emphasizes that while free markets don’t produce perfect solutions, efforts to control them often make things much worse. He argues that when allowed to function, the laws of economics create prosperity through incentivizing innovation and productivity. He also touches on the U.S. fiscal deficit, questioning how much longer the government can continue spending more than it takes in: https://www.oaktreecapital.com/insights/memo/more-on-repealing-the-laws-of-economics

Click here to read and subscribe to memos from Howard Marks: https://www.oaktreecapital.com/insights

In his latest memo, Howard Marks discusses the implications of governmental intervention in economies. Considering examples such as rent control, fire insurance, and tariffs, he emphasizes that while free markets don’t produce perfect solutions, efforts to control them often make things much w...